NEWS RELEASE For Immediate Release
ISDA to Publish Auction Terms for Mediannuaire
LONDON, January 23, 2013 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDS dealers voted to hold an auction for European loan-only CDS transactions referencing certain facilities entered into pursuant to a Senior Credit Agreement entered into by the credit known as Mediannuaire on 10th October 2006 (and as amended from time to time thereafter).
European loan only CDS (LCDS) transactions refer to Reference Obligations rather than Reference Entities, as is the case in regular CDS and North American LCDS.
The Markit iTraxx LevX Market Makers have determined that a Failure to Pay Credit Event has occurred in respect of the referenced credit agreement, based on publicly available information.
ISDA will facilitate the process by publishing the auction terms on its website http://dc.isda.org/http://dc.isda.org/lcds-management/, in due course. The auction will be administered by Markit and Creditex.
For Media Enquiries, Please Contact:
Rebecca O’Neill, ISDA London, +44 203 088 3586, roneill@isda.org Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 815 member institutions from 60 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org. ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Latest
Joint Response on RBA Consultation
On August 11, ISDA and FIA submitted a joint response to the Reserve Bank of Australia (RBA) on its consultation on guidance for Australia’s clearing and settlement facility resolution regime. The associations welcome publication of the draft guidance, which provides...
SwapsInfo H1 2025 and Q2 2025
Interest rate derivatives (IRD) trading activity increased in the first half of 2025, driven by continued interest rate volatility, evolving central bank policy expectations and persistent macroeconomic uncertainty. Trading in index credit derivatives also rose, as market participants responded to...
ISDA Response to IFSCA Consultation
On August 5, ISDA responded to the International Financial Services Centres Authority’s (IFSCA) consultation on reporting and clearing of over-the-counter (OTC) derivatives contracts booked in International Financial Services Centres (IFSC). In the response, ISDA provided the following recommendations: Not mandating...
ISDA Response to BIS on Tokenization
On July 30, ISDA submitted a response to a Bank for International Settlements (BIS) consultation on leveraging tokenization for payments and financial transactions. In the response, ISDA focused on the legal, regulatory and documentation issues relevant to the derivatives market,...